North Carolina Down Payment Assistance Programs

Online Payments - These systems are the Mortgage Credit Certificate and also the deposit Assistance Program.

Also you purchase a house between December 1, 2009 and January 1, 2009 and should you meet the requirements for one of the plans, you might also be eligible for the $8,000 tax credit only enacted into law.

First, who's a First Time Home Buyer? There is a First Time Home Buyer someone who hasn't owned a home within the past three years. That is the exact same qualifying definition for the $8,000 tax credit.

What is a Mortgage Credit Certificate and Who Qualifies?

The MCC takes this a step further.

In case you qualify for the MCC, it is possible to claim 20% of the interest you pay as a credit in your federal income taxes on your mortgage. It is possible to save up to $2,000 on your taxes.

You may manage to join this, should you qualify for the MCC, for 2009. This would reduce a buyer's tax liability .

Who Qualifies for an MCC?

Who qualifies for an MCC is based on the price of the home as well as your income you are buying. Household income means the “gross income of the mortgagor and every other individual expected to live in the residence who is 18 years old or older.”

House price limitations that apply in Durham Orange and Chatham Counties and the income are given below.

MCC Income Limits 1 Man $61,500 2 Persons $61,500 3 Men $70,500 4 Individuals $70,500

MCC Sales Cost Limitations New Home $220,000 Existing Dwelling $210,000

The buyer just needs to pay and the load would pay as much as .

This plan has more rigorous income limits than the MCC plan summarized above. Like the MCC application, it might be used together with the new $8,000 tax credit on home purchases between December 1, 2009 and January 1, 2009. The down payment assistance, nonetheless, can't be utilized in conjunction together with the MCC. It is an either or situation.

The income and house price limitations that apply in Orange, Durham and Chatham Counties are given below.

Down Payment Assistance Income Limits

1 Man $39,950 2 Men $45,650 3 Persons $51,350 4 Persons $57,050

Down Payment Assistance Sales Cost Limits New Home $210,000 Existing Residence $210,000